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Wyoming Senator Cynthia Lummis hinted that the US may soon begin buying Bitcoin, following President Donald Trump’s executive order to establish a sovereign wealth fund.
“This is a ₿ig deal,” Lummis said in a Feb. 3 X post in response to Trump signing the new executive order, while including the BTC logo in her post.
Trump Kickstarts US Sovereign Wealth Fund Creation
President Trump signed the executive order for a US sovereign wealth fund during a Feb. 3 press event in the Oval Office. The order directs Treasury Secretary Scott Bessent and Secretary of Commerce Howard Lutnick to initiate the process “that will hopefully result in the creation of an American sovereign wealth fund.”
HAPPENING NOW: President Trump signs an Executive Order calling for the creation of a Sovereign Wealth Fund
pic.twitter.com/sMkBg3bUwX
— Karoline Leavitt (@PressSec) February 3, 2025
The President’s order will be enacted “within the next 12 months,” Bessent said during the event. Neither Trump, Bessent or Lutnick specifically stated that the fund, if established, would invest in cryptos such as BTC. They did, however, suggest that the government could purchase TikTok.
”Both like Bitcoin,” said Wayne Vaughan on X, referring to Bessent and Lutnick. ”I’d say there’s a 100% probability they buy Bitcoin.”
Trump Executive Actions Face Pushback
Trump has signed several executive orders since re-entering the White House on Jan. 20. Many of these orders have faced immediate backlashes from organizations and authorities who question Trump’s power to enact laws through executive actions.
In one instance, a federal judge blocked an order attempting to revoke birthright citizenship under the 14th Amendment to the US Constitution. The judge called the action “blatantly unconstitutional.”
Trump also imposed import tariffs on Canada, Mexico and China. This ignited fears of a global trade war and slowed economic activity, which impacted risk-on assets like cryptos. BTC dropped below the $100K mark over the weekend as a result of the market uncertainty.
Despite Trump’s announcement that he would pause the tariffs for at least 30 days, BTC continues to trade below the psychological $100K level at $99,434.09 as of 1:24 a.m. EST.
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